Stocks were narrowly mixed early Tuesday as earnings reports fueled some big price moves. Goldman Sachs (GS), Caterpillar (CAT) and Apple (AAPL) bolstered the Dow Jones industrial average.
The Dow defended a gain of less than 0.1%. The S&P 500 wobbled in and out of minor losses. The Nasdaq composite showed a 0.1% decline. Small caps lagged with the Russell 2000 down 0.2%. Volume was lower across the board vs. the same time Monday.
Automakers, software and banks led the upside in today's stock market action, while hospital, fiber optics and food plays lagged.
Goldman Sachs led the Dow with a 1% gain in above-average trade. Shares are 6% below the 50-day moving average and 10% off their March 1 intraday high as they try to stem a recent slide.
Apple rose 0.4% in above-average volume and is on track for a new closing high. Shares are nearly 20% above a 118.12 cup-with-handle buy point cleared in early January, and recently triggered the 20%-25% profit-taking rule. JPMorgan on Monday raised its price target to 165 from 142, reiterated an overweight rating and hiked iPhone shipments for Apple's 2018 fiscal year.
Darden Restaurants (DRI) gapped up and leapt 8% to a new high in hearty trade. The stock remains near the top of its buy range from a 77.21 buy point of a cup with handle it had tried to clear last week. The Olive Garden owner late Monday reported fiscal Q3 results that topped views and guided its full-year EPS outlook above forecasts. Darden also said it's buying Cheddar's Scratch Kitchen for $780 million.
Games and restaurant and operator Dave & Buster's (PLAY), which is trading near all-time highs, reports after the close.
Red Hat (RHT) surged 5%, gapping up to a 17-year high in heavy volume after reporting a solid Q4 beat Monday after the close. Shares of the Linux software provider are nearly extended from an 82.83 buy point of a shallow consolidation. Several analysts including BMO Capital Markets and Pacific Crest lifted their price targets.
Recent IPO Snap (SNAP) continued its volatile ways, falling 4%. Loop Capital initiated coverage of the media sharing app with a hold rating and 21 price target. Shares jumped 5% Monday after Goldman Sachs and Jefferies assigned buy ratings.
RELATED:
Dave & Buster's Due After Darden Tops, Lifts Views: Investing Action Plan
Red Hat's Big Bet On The Cloud Seen As A Revenue Driver
Amazon, Red Hat, Tesaro Price Targets Raised; Snap Started At Hold
